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Transition to IFRS in the Russian Federation

​Transition to IFRS in the Russian Federation


Technical Assistance to promote application of International Standards Principles in bookkeeping and accounting, and to prepare Financial Reporting in accordance with IFRS in the Banking Sector of the Russian Federation. Four main components / objectives;

  1. Analysis and improvement of Central Bank of Russia current legislative framework, in order to apply international standards principles for bookkeeping and accounting. Result; normative papers underlying application of these principles, and the list of legislative acts which are subject to be reviewed and specified;
  2. Improvement of professional expertise of banking specialists in applying bookkeeping and accounting principles in line with international standards, and in preparing financial statements on the basis of principles in accordance with IFRS;
  3. Study and use of European best practice on IFRS application by Russian banks specialists; and
  4. Dissemination of information on application of IFRS principles, in order to introduce bookkeeping and accounting principles in line with international standards, and in preparing financial statements and using them.

The banking community as a whole was the main beneficiary of the project; training and transfer of knowledge initiatives were directed towards the staff of the Bank of Russia, commercial banks, to representatives of intermediate beneficiaries, and to wider audiences in business and education.